Jobless Claims to be reported at 08:30 Week of 2/28 Jobless Claims will be reported at 08:30 . Current consensus is 300K

15:00 EDT

Treasury Closing Summary: Treasury Closing Summary: Yields backed up from session lows on Thursday of their own volition after stocks sagged on fresh "Grexit" reports, declines on oil and another round of mostly weaker data. It probably didn't hurt that WSJ Fedwatcher Hilsenrath said Wednesday's FOMC minutes were not as dovish upon closer inspection, but analysts expect the dovish-leaning Fed to take a full measure of the economy before hiking in September at earliest anyway. Though jobless claims sank back below 300k, the Philly Fed index and LEI came up short. ECB minutes were pretty dovish as expected.

Treasury 30-year TIPS sale was very strong Treasury 30-year TIPS sale was very strong, supported by a record high indirect bid. The issue stopped at 0.842% versus 0.855% at the bid deadline. There was a 2.43 bid cover, better than the 2.29 at the October reopening. And it compares to the prior new issue last February of 2.34. Indirect bidders accepted 69.0%, a record high as noted above.

Treasury Option Action: bearish call selling Treasury Option Action: bearish call selling was reported by sources earlier, in the form of a sale of April 129.5 calls vs 10-year futures, said to be a pretty active strike. There has been some talk of persistent bullish demand for June 130 calls, however, following some 10k in 127/130/133 call butterflies bought yesterday just before the dovish FOMC minutes. June 10s are still 4-ticks lower near 127-065, while March 10s are 5-ticks lower at 127-275 compared to their 128-08 to 127-22 range.

Treasury announced a $90 B 3-pronged package of coupon offerings Treasury announced a $90 B 3-pronged package of coupon offerings for next week, with volumes unchanged from January. The debt managers also outlined a $13 B 2-year FRN reopening and a $52 B 3- and 6-month bill sale. The coupon auctions include a $26 B 2-year note (Tuesday), a $35 B 5-year note (Wednesday), and a $29 B 7-year note. Supply could be a big hurdle for the bond market given Yellen's Monetary Policy Report (Tuesday, Wednesday) and the more bearish trend that has set in this month.